Top 10 Life Insurance Companies in India – Updated List 2023

Top 10 Life Insurance Companies in India - BimaBandhu
Explore the best life insurance providers in India. Protect your family’s future with our top 10 picks. Make informed decisions for financial security.

In a country as vast and diverse as India, securing the future of your loved ones has never been more crucial. This is where life insurance steps in to offer a safety net that provides financial stability when it matters most. However, in a sea of insurance providers, how will you choose the one that aligns perfectly with your unique needs and aspirations? 

The decision to invest in life insurance is monumental, for it holds the power to safeguard your family’s financial future and ensure that their dreams are never compromised, even in your absence. It’s not just about purchasing a policy but making an informed choice that resonates with your circumstances.

Like every individual has unique needs, each life insurance provider has its own set of policies with distinct features and benefits. The sheer variety of life insurance plans available can be overwhelming, making the choice seem arduous. 

Here, we have curated a list of the top 10 life insurance companies in India. But here’s the twist – this won’t be your usual list. We understand that life insurance is not a one-size-fits-all concept. Your insurance needs are as unique as your fingerprint, and we’ve crafted this list with that in mind.

Our selection process delves deep into the intricate facets of each insurance provider. We consider not only their financial strength and stability but also their customer-centric approach, their claims settlement record, and their responsiveness to evolving market trends. By the time you finish reading this blog post, you’ll have a comprehensive understanding of the top life insurance companies in India, their strengths, and what sets them apart. With this knowledge, you can confidently navigate the life insurance landscape to select the right policy that resonates most with your unique financial goals, lifestyle, and aspirations.

List of the Top 10 Life Insurance Companies in India

While you can easily find various lists of life insurance companies, you should also know about two crucial aspects – the parameter based on which the lists have been created and the source of information taken in use.

Here, we have used the Annual report 2021-22 from IRDAI as the source of information. Let’s begin with our first list. 

Top 10 Life Insurance Companies Based on Premium Underwritten 

The following table covers the top life insurance companies based on the premium underwritten (in Rs. crores) during 2021-22:

Life Insurance Company Premium Underwritten (in Rs. crores)
Aditya Birla Sun Life Insurance Co. Ltd.  12,140.23
Aegon Life Insurance Co. Ltd. 416.46
Ageas Federal Life Insurance Co. Ltd.  2,207.30
Aviva Life Insurance Co. Ltd.  1,268.15
Bajaj Allianz Life Insurance Co. Ltd.  16,127.05
Bharti AXA Life Insurance Co. Ltd.  2,601.56
Canara HSBC Life Insurance Co. Ltd.  5,889.92
Edelweiss Tokio Life Insurance Co. Ltd. 1,464.20
Exide Life Insurance Co. Ltd.  3,767.96
Future Generali India Life Insurance Co. Ltd.  1,433.54
HDFC Life Insurance Co. Ltd.  45,962.83
ICICI Prudential Life Insurance Co. Ltd.  37,457.99
IndiaFirst Life Insurance Co. Ltd.  5,186.56
Kotak Mahindra Life Insurance Co. Ltd.  13,015.11
Max Life Insurance Co. Ltd.  22,414.17
PNB MetLife India Insurance Co. Ltd.  7,348.26
Pramerica Life Insurance Co. Ltd.  1,098.78
Reliance Nippon Life Insurance Co. Ltd.  5,036.57
Sahara India Life Insurance Co. Ltd.  61.44
SBI Life Insurance Co. Ltd.  58,759.64
Shriram Life Insurance Co. Ltd.  2,349.60
Star Union Dai-ichi Life Insurance Co. Ltd.  4,136.80
TATA AIA Life Insurance Co. Ltd.  14,445.03

This takes us to the following list of top 10 life insurance companies in India based on 2021-22 data:

  1. SBI Life Insurance Co. Ltd. 
  2. HDFC Life Insurance Co. Ltd. 
  3. ICICI Prudential Life Insurance Co. Ltd. 
  4. Max Life Insurance Co. Ltd. 
  5. Bajaj Allianz Life Insurance Co. Ltd. 
  6. TATA AIA Life Insurance Co. Ltd. 
  7. Kotak Mahindra Life Insurance Co. Ltd. 
  8. Aditya Birla Sun Life Insurance Co. Ltd. 
  9. PNB MetLife India Insurance Co. Ltd. 
  10. Canara HSBC Life Insurance Co. Ltd. 

Also Read: List of IRDAI-Approved Life Insurance Companies in India

Top 10 Life Insurance Companies Based on Equity Share Capital

The following table covers the top life insurance companies based on the equity share capital (in Rs. crores) as of Mar 31, 2022:

Life Insurance Company Equity Share Capital (in Rs. crores)
Aditya Birla Sun Life Insurance Co. Ltd.  1901.21
Aegon Life Insurance Co. Ltd. 1477.73
Ageas Federal Life Insurance Co. Ltd.  800.00
Aviva Life Insurance Co. Ltd.  2004.90
Bajaj Allianz Life Insurance Co. Ltd.  150.71
Bharti AXA Life Insurance Co. Ltd.  3426.20
Canara HSBC Life Insurance Co. Ltd.  950.00
Edelweiss Tokio Life Insurance Co. Ltd. 665.55
Exide Life Insurance Co. Ltd.  1850.00
Future Generali India Life Insurance Co. Ltd.  2145.82
HDFC Life Insurance Co. Ltd.  2112.62
ICICI Prudential Life Insurance Co. Ltd.  1437.31
IndiaFirst Life Insurance Co. Ltd.  663.46
Kotak Mahindra Life Insurance Co. Ltd.  510.29
Max Life Insurance Co. Ltd.  1918.81
PNB MetLife India Insurance Co. Ltd.  2012.88
Pramerica Life Insurance Co. Ltd.  374.06
Reliance Nippon Life Insurance Co. Ltd.  1196.32
Sahara India Life Insurance Co. Ltd.  232.00
SBI Life Insurance Co. Ltd.  1000.04
Shriram Life Insurance Co. Ltd.  179.38
Star Union Dai-ichi Life Insurance Co. Ltd.  258.96
TATA AIA Life Insurance Co. Ltd.  1953.50
Life Insurance Corporation of India 6325.00

This takes us to the following list of top 10 life insurance companies in India based on equity share capital:

  1. Life Insurance Corporation of India
  2. Bharti AXA Life Insurance Co. Ltd.
  3. Future Generali India Life Insurance Co. Ltd.
  4. HDFC Life Insurance Co. Ltd.
  5. PNB MetLife India Insurance Co. Ltd.
  6. Aviva Life Insurance Co. Ltd.
  7. TATA AIA Life Insurance Co. Ltd.
  8. Max Life Insurance Co. Ltd.
  9. Aditya Birla Sun Life Insurance Co. Ltd.
  10. Exide Life Insurance Co. Ltd.

Top 10 Life Insurance Companies Based on Individual Death Claims During 2021-22

The following table covers the top life insurance companies based on the status of individual death claims (claims paid):

Life Insurance Company Claims Paid (%) 
Aditya Birla Sun Life Insurance Co. Ltd.  98.07
Aegon Life Insurance Co. Ltd. 99.03
Ageas Federal Life Insurance Co. Ltd.  97.03
Aviva Life Insurance Co. Ltd.  98.39
Bajaj Allianz Life Insurance Co. Ltd.  99.02
Bharti AXA Life Insurance Co. Ltd.  99.09
Canara HSBC Life Insurance Co. Ltd.  98.44
Edelweiss Tokio Life Insurance Co. Ltd. 98.09
Exide Life Insurance Co. Ltd.  99.09
Future Generali India Life Insurance Co. Ltd.  96.15
HDFC Life Insurance Co. Ltd.  98.66
ICICI Prudential Life Insurance Co. Ltd.  97.82
IndiaFirst Life Insurance Co. Ltd.  96.92
Kotak Mahindra Life Insurance Co. Ltd.  98.82
Max Life Insurance Co. Ltd.  99.34
PNB MetLife India Insurance Co. Ltd.  97.33
Pramerica Life Insurance Co. Ltd.  98.30
Reliance Nippon Life Insurance Co. Ltd.  98.67
Sahara India Life Insurance Co. Ltd.  97.08
SBI Life Insurance Co. Ltd.  97.05
Shriram Life Insurance Co. Ltd.  82.39
Star Union Dai-ichi Life Insurance Co. Ltd.  97.42
TATA AIA Life Insurance Co. Ltd.  98.53
Life Insurance Corporation of India 98.74

This takes us to the following list of the top 10 life insurance companies in India based on the status of individual death claims:

  1. Max Life Insurance Co. Ltd.
  2. Bharti AXA Life Insurance Co. Ltd.
  3. Exide Life Insurance Co. Ltd.
  4. Aegon Life Insurance Co. Ltd.
  5. Bajaj Allianz Life Insurance Co. Ltd.
  6. Kotak Mahindra Life Insurance Co. Ltd.
  7. Life Insurance Corporation of India
  8. Reliance Nippon Life Insurance Co. Ltd.
  9. HDFC Life Insurance Co. Ltd.
  10. TATA AIA Life Insurance Co. Ltd.

Top 10 Life Insurance Companies Based on their Solvency Ratio

The following table covers the top life insurance companies based on their solvency ratio:

Life Insurance Company Solvency Ratio (Mar 2022)
Aditya Birla Sun Life Insurance Co. Ltd.  1.88
Aegon Life Insurance Co. Ltd. 3.33
Ageas Federal Life Insurance Co. Ltd.  3.12
Aviva Life Insurance Co. Ltd.  1.82
Bajaj Allianz Life Insurance Co. Ltd.  5.81
Bharti AXA Life Insurance Co. Ltd.  1.62
Canara HSBC Life Insurance Co. Ltd.  2.82
Edelweiss Tokio Life Insurance Co. Ltd. 2.11
Exide Life Insurance Co. Ltd.  2.17
Future Generali India Life Insurance Co. Ltd.  1.83
HDFC Life Insurance Co. Ltd.  1.76
ICICI Prudential Life Insurance Co. Ltd.  2.04
IndiaFirst Life Insurance Co. Ltd.  1.65
Kotak Mahindra Life Insurance Co. Ltd.  2.73
Max Life Insurance Co. Ltd.  2.01
PNB MetLife India Insurance Co. Ltd.  2.09
Pramerica Life Insurance Co. Ltd.  4.04
Reliance Nippon Life Insurance Co. Ltd.  2.35
Sahara India Life Insurance Co. Ltd.  6.75
SBI Life Insurance Co. Ltd.  2.05
Shriram Life Insurance Co. Ltd.  2.05
Star Union Dai-ichi Life Insurance Co. Ltd.  2.00
TATA AIA Life Insurance Co. Ltd.  1.96
Life Insurance Corporation of India 1.85

This takes us to the following list of the top 10 life insurance companies in India based on their solvency ratio (Mar 2022):

  1. Sahara India Life Insurance Co. Ltd.
  2. Bajaj Allianz Life Insurance Co. Ltd.
  3. Pramerica Life Insurance Co. Ltd.
  4. Aegon Life Insurance Co. Ltd.
  5. Ageas Federal Life Insurance Co. Ltd.
  6. Canara HSBC Life Insurance Co. Ltd.
  7. Kotak Mahindra Life Insurance Co. Ltd.
  8. Reliance Nippon Life Insurance Co. Ltd.
  9. Exide Life Insurance Co. Ltd.
  10. Edelweiss Tokio Life Insurance Co. Ltd.

Recommended Read: All About Claim Settlement Ratio 

How to Pick from the Top 10 Life Insurance Companies in India?

Now that you have a comprehensive overview of the top 10 life insurance companies in India, it’s time to understand how to choose the one that will serve as your financial safeguard. Picking the right life insurance provider is not a mere selection from a list. Instead, it is more of a well-informed decision that can secure your family’s future. 

Here’s how you need to make an informed selection of a life insurance company:

  • Define your financial goals

Here, you need to begin by clearly defining your financial goals and objectives. Consider your family’s current and future financial needs, including education expenses, mortgage payments, and outstanding debts. Understanding your financial goals will form the foundation of your decision-making.

  • Determine the type of coverage

Next, you need to decide on the type of life insurance coverage that best aligns with your needs. Options may include term insurance, whole life insurance, Unit Linked Insurance Plans, etc. Each type offers different benefits and features, which is why you must understand them carefully to choose the one that suits your circumstances.

Also Read: Types of Life Insurance

  • Assess premium affordability

You also need to evaluate the premiums associated with different policies offered by the top life insurance companies. The premium payable must fit comfortably within your budget while providing adequate coverage to meet your/your family’s financial goals.

  • Select the right coverage duration

It is important to Consider the duration of life insurance coverage (or policy period). Depending on your life stage and objectives, you may opt for a policy with a specific term or one that offers lifelong protection.

  • Add suitable riders and add-ons

You can check the availability of riders and add-ons which can enhance your policy’s coverage based on your specific needs, such as critical illness riders, accidental death riders, or waiver of premium riders.

  • Company reputation and financial strength

Lastly, it is quite crucial to Investigate the reputation and financial strength of each life insurance company. A well-established, financially sound insurer is more likely to fulfill its commitments and provide a sense of security.

Disclaimer: The content presented in this blog post serves solely for informational purposes. We neither endorse nor provide ratings or recommendations for any particular insurance company or its offerings. When it comes to life insurance purchase decisions, we advise thorough research and thoughtful consideration of individual requirements.

BimaBandhu’s mission is to equip you with the knowledge and insights related to insurance purchases for making a well-informed choice. We firmly believe that the ideal life insurance policy extends beyond safeguarding the financial future of your family.

Read BimaBandhu’s Insurance Guides

 

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